Even more of America's wealthy considering Los Angeles living

Real estate in Los Angeles has always been popular with the rich and famous, due in part to the city's perfect weather, beachfront living and high-end shopping. From actors and producers to athletes and businesspeople, Los Angeles is a popular destination for those who want the very best that the country has to offer.

HauteLiving reports that some of the newest recruits to join LA's elite club of multimillionaire homeowners are tech moguls moving down from the Bay Area. Not satisfied with San Francisco's cool weather and foggy mornings, many successful men and women are buying up additional real estate in Los Angeles to enjoy the sunny weather and gorgeous shores.

Oracle CEO Larry Ellis is one of the most prominent tech moguls to make a new home in Los Angeles. According to the source, he owns 27 properties and 9 homes on Carbon Beach, a stretch of luxury living located in the posh suburb of Malibu. Thanks to price tags well over $20 million on these beautiful oceanfront homes, the area is nicknamed Billionaire's Beach - other residents include David Geffen, a film and record producer, and Eli Broad, a business mogul.

Elon Musk, founder of PayPal, Space X and Tesla Motors, is reportedly about to become one of LA's newest residents. HauteLiving reports that he will soon be closing the deal on a $20 million Bel-Air estate he's been renting while doing business in the City of Angles.

Why LA? It's not just the endless summer, miles of pristine beach, beautiful forests and posh dining. LA is a big hub for talent, beyond the film industry.

"I used to live in Palo Alto, and when I told my friends that I was moving to LA, they all thought I was crazy," Musk told The Los Angeles Times. "They view Southern California as being a little vacuous and Northern California as being more intellectual. But people in the Bay Area have forgotten that there's been a huge concentration of aerospace engineering talent here, for more than a century."

Without a doubt, Los Angeles continues to be the prime destination for movie stars and music moguls looking to own some multimillion dollar real estate in one of the most active and beautiful cities in America. LA continues to shake off the Tinseltown reputation, and is becoming a luxury destination for extremely successful men and women from all backgrounds and disciplines.